[deadmetheny]

Shh, half the fun of cryptocurrency threads is watching its proponents re-learn every single harsh lesson banking and financial industries have learned over the past couple hundred years! It turns out a lot of regulations and whatnot involved with Fiat™ don't just exist for arbitrary reasons.

[nathos]

Obligatory link to https://twitter.com/shit_rbtc_says

[adamnemecek]

Sure but it’s also naive to think that banks aren’t trying to fuck you over.

[deadmetheny]

Oh, absolutely they are. This is not to be construed as any sort of ringing endorsement of the banking system - I just don't think that rebuilding digital Beanie Babies from first principles and wasted electricity is a good solution to the problem.

[jsmthrowaway]

And surely, nobody in the basically unregulated cryptocurrency world has ever done that, right? Bad actors are bad actors, and it’s disingenuous to point at some and ignore others.

[nosuchthing]

One of the largest cryptobank (exchange) is ran by someone who openly praised one of the major ponzi scams, even after it shut down and was known to be a scam. [1]

Said cryptobank is now allegedly using fake orders to buy up significant amounts of BTC (recently a 50,000 BTC order [2]) during market crashes.

[1] https://www.reddit.com/r/btc/comments/6xpddt/as_20m_more_tet...

[2] https://twitter.com/Bitfinexed/status/908718464671641602

[nosuchthing]

Sure but it's also naive to think that exchanges, the bitcoin central bank of tethers, blockstream, market manipulators, dev teams with premined supplies, and early adopters who spent $100 to own 26% of total supply aren't trying to fuck you over.

[jsmthrowaway]

No, no, no, you misunderstand. That’s the free market regulating itself! Working as intended. Big difference from what those evil banks are doing in a regulated, capitalist economy which incentivizes them to do exactly what they’re doing in order to prop up a global economic system that enables many people to buy computers, become engineers, and build cryptocurrencies instead of jogging through the savannah with a spear looking for dinner. Cryptocurrency is pure.

Remember, it’s not money laundering, it’s tumbling. Big difference. It’s not wealth inequality, it’s early adoption. Big, big difference. Entirely different concepts.

[DinkMeeker]

It's also naive to think they won't continue to do so simply by adding a new asset class into the mix.

[SCHiM]

Sometimes, individual optimal moves lead to a suboptimal result. In the case of banking, perhaps even a local minium.